ACWA Power in partnership to accelerate climate projects finance in MENA region

ACWA Power, a private developer, owner and operator of power generation and desalination water plants, has partnered with sustainability solutions provider South Pole to drive private sector capital into climate projects in the MENA region.

Engaging the private sector at the frontier of climate finance will be key in getting crucial climate adaptation and mitigation projects off the ground as economies around the globe continue to unlock from fossil fuels. Few places illustrate this rapid transition to renewables better than the Middle East and North Africa (MENA) region, according to South Pole.

Currently an Accredited Observer Entity to the Green Climate Fund (GCF), ACWA Power is working towards full accreditation with the help of South Pole. The key objective is to use the Fund’s financial instruments to leverage private sector capital for climate change mitigation and adaptation activities, especially in the MENA region, to drive down the cost of renewable energy technologies.

In addition to making them more affordable for local consumers, at the same time this will create numerous sustainable development benefits, including access to clean energy and water, improved air quality and new jobs. This will help developing countries in their transition to low emission, climate resilient and sustainable development pathways.

David Ungar, Executive Director for Greenhouse Gas Mitigation & Sustainability, ACWA Power commented:

“Sustainability and reducing climate change impacts is an integral part to delivering ACWA Power’s strategy and is a driving force behind our business achievements.”

“The GCF accreditation would allow us to facilitate, wherever we can, a more active engagement of the developing countries, particularly in MENA, in the global climate change abatement efforts.”

“Driving the transition to a low-carbon economy through results-based collaborations is in our DNA,” added Ingo Puhl, Co-Founder, Director Strategy, South Pole. “We are excited to put our advisory expertise to use for ACWA Power and help facilitate access to climate finance.”

The two organisations recently took part in the GCF’s Board Meeting to participate, to the extent possible, in the Fund’s ongoing activities and promote first-hand information, knowledge and the latest updates on climate projects in the MENA region.